WELLESLEY, Mass., June 13, 2018 (GLOBE NEWSWIRE) -- The ability to improve quality of care, access patients within rural communities, reduce hospital admissions and re-admissions, enhance medical engagement, and convenience are all reasons that the global market for telemedicine technologies is seeing significant growth, according to a new report from BCC Research.
The global market for telemedicine technologies was worth $26.7 billion during 2017. It is estimated to be valued at $72.5 billion by 2023, indicating a compound annual growth rate (CAGR) of 18.3%, according to the recent study, Global Markets for Telemedicine Technologies.
Other drivers of the industry have been identified as the growing prevalence of chronic diseases, growing elderly population and increasing healthcare costs. However, the wide variety of mobile health apps are also helping patients monitor and track their well-being.
Research Highlights
- The Asia-Pacific region is anticipated to grow at the fastest CAGR, at 20.4% during the forecast period.
- North America dominates the market share due to telemedicine technologies being integrated into almost half of all U.S. hospitals.
- Restraints facing the industry include the lack of reimbursement, regulatory issues, and a lack of physician knowledge and acceptance.
“Telemedicine technology potentially targets the underserved, the elderly and their caregivers, persons with chronic diseases, employees and dependents and fitness-oriented individuals,” the report notes. “Telemedicine has been improving access to healthcare services and medical information and has innovatively changed the mode of communication between a healthcare provider and a patient. Patient consultations are done via videoconferencing, image transmission, e-health patient portals and remote monitoring of vital signs.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.